SRBI Yield Surges Nearly to 6%, Highest This Year
Bank Indonesia (BI) continues to strive to maintain rupiah exchange rate stability amid persistent high external pressures. Unresolved global uncertainties require BI to ensure that rupiah assets remain attractive to market participants.
These pressures stem from escalating geopolitics in the Middle East following the outbreak of the US-Israel war against Iran at the end of February 2026.
This situation has led global market participants to adopt a risk-off stance, resulting in funds exiting emerging markets, including Indonesia, and flowing back into safe-haven assets such as the US dollar.
Consequently, the rupiah has come under pressure amid rising demand for the US dollar. In this context, BI is promoting Sekuritas Rupiah Bank Indonesia (SRBI) as an instrument to preserve the attractiveness of rupiah assets while drawing in capital inflows to prevent deeper pressure on the exchange rate.
BI Information Executive Director Ramdan Denny Prakoso stated that SRBI has undergone several refinements to support the influx of foreign funds into Indonesia’s securities market.
“SRBI has been refined in several ways, so it is hoped that there will also be capital inflows into Indonesia’s securities market. This can particularly be supported by SRBI,” he said when met at the DPR RI Building in Jakarta on Wednesday (8/4/2026).
In agreement, BI Governor Perry Warjiyo emphasised that the increase in SRBI this year is intended to maintain a balance between the needs for rupiah exchange rate stabilisation, market interventions, and curbing capital outflow pressures.
“Therefore, why now for 2026 SRBI will start to rise, so that we must also balance the needs to stabilise the rupiah exchange rate, interventions, and ensure outflows are not too severe,” Perry said during a working meeting with Commission XI of the DPR in Jakarta on Wednesday (8/4/2026).
Comparing the beginning of 2026 with the latest auction on 10 April 2026, it is evident that SRBI yields across all tenors have experienced a significant increase.
For the 6-month tenor, the weighted average of winning bids rose from 4.80% in the 1 January 2026 auction to 5.49% on 10 April 2026. This represents an increase of around 69.52 basis points (bps).
For the 9-month tenor, the weighted average of winning bids increased from 4.85% to 5.62%. Thus, the yield for this tenor rose by about 77.17 bps.
Meanwhile, the 12-month tenor recorded the largest increase. The weighted average of winning bids rose from 4.87% at the beginning of January to 5.76% in the latest auction on 10 April 2026. This indicates an increase of around 88.95 bps.
This rise in yields demonstrates that SRBI is becoming increasingly attractive amid intensifying global market pressures.
However, BI assures that this instrument will not lead to a liquidity crunch in the domestic financial market. The central bank emphasises that the situation can still be managed by ensuring primary money growth remains at double-digit levels, namely above 10%.